HomeMy WebLinkAboutResolution 2021-24 (Market East Carmel Declaratory) corrected
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give consideration to transitional and permanent provision for adequate housing for the residents.
12. The 2021 Amendments are hereby in all respects approved.
13. The area described in Exhibit A is hereby removed from the Merchants Square
Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of
the Act to be known as the “Market East Carmel Allocation Area,” for purposes of the allocation and
distribution of property taxes for the purposes and in the manner provided by said Section. Any
taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any
public body entitled to a distribution of property taxes on taxable property in said allocation area
shall be allocated and distributed as follows:
Except as otherwise provided in said Section 39, the proceeds of taxes
attributable to the lesser of the assessed value of the property for the assessment date
with respect to which the allocation and distribution is made, or the base assessed
value, shall be allocated to and when collected paid into the funds of the respective
taxing units. Except as otherwise provided in said Section 39, property tax proceeds
in excess of those described in the previous sentence shall be allocated to the
redevelopment district and when collected paid into an allocation fund for the Market
East Carmel Allocation Area hereby designated as the “Market East Carmel
Allocation Fund” and may be used by the redevelopment district to do one or more
of the things specified in Section 39(b)(3) of the Act, as the same may be amended
from time to time. Said allocation fund may not be used for operating expenses of
the Commission. Except as otherwise provided in the Act, before June 15 of each
year, the Commission shall take the actions set forth in Section 39(b)(4) of the Act.
14. The foregoing allocation provision shall apply to the Market East Carmel Allocation
Area. The Commission hereby finds that the adoption of this allocation provision will result in new
property taxes in the Market East Carmel Allocation Area that would not have been generated but
for the adoption of the allocation provision, as specifically evidenced by the findings set forth in
Exhibit B. The base assessment date for the Market East Carmel Allocation Area is January 1, 2021.
15. The provisions of this Resolution shall be subject in all respects to the Act and any
amendments thereto, and the allocation provisions herein relating to the Market East Carmel
Allocation Area shall expire on the date that is twenty-five (25) years after the date on which the first
obligation is incurred to pay principal and interest on bonds or lease rentals on leases payable from
tax increment revenues derived from the Market East Carmel Allocation Area.
16. This Resolution, together with any supporting data, shall be submitted to the City of
Carmel Plan Commission (the “Plan Commission”) and the Common Council of the City (the
“Council”) as provided in the Act, and if approved by the Plan Commission and the Council, shall be
submitted to a public hearing and remonstrance as provided by the Act, after public notice as
required by the Act.